Occidental Petroleum (NYSE:OXY) Stock Price Up 2.6% – Still a Buy?

Occidental Petroleum Co. (NYSE:OXY)’s stock price traded up 2.6% on Thursday . The stock traded as high as $50.82 and last traded at $50.70. 4,829,176 shares traded hands during trading, a decline of 50% from the average session volume of 9,638,160 shares. The stock had previously closed at $49.41.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. TD Cowen dropped their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Wells Fargo & Company dropped their price objective on Occidental Petroleum from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. Susquehanna reduced their target price on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. Citigroup dropped their price target on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. Finally, Scotiabank decreased their price target on shares of Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.10.

Occidental Petroleum Trading Up 1.4 %

The business’s 50 day moving average is $49.44 and its two-hundred day moving average is $54.26. The firm has a market capitalization of $47.40 billion, a P/E ratio of 13.15 and a beta of 1.57. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 0.96.

Occidental Petroleum Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s payout ratio is currently 22.92%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 2,477,362 shares of Occidental Petroleum stock in a transaction dated Tuesday, December 17th. The stock was acquired at an average cost of $46.25 per share, with a total value of $114,577,992.50. Following the purchase, the insider now directly owns 257,758,886 shares in the company, valued at $11,921,348,477.50. The trade was a 0.97 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC grew its position in Occidental Petroleum by 5.0% during the 2nd quarter. Natixis Advisors LLC now owns 177,183 shares of the oil and gas producer’s stock worth $11,168,000 after purchasing an additional 8,515 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Occidental Petroleum by 17.8% during the second quarter. TD Asset Management Inc now owns 885,010 shares of the oil and gas producer’s stock valued at $55,782,000 after buying an additional 133,985 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Occidental Petroleum by 24.1% in the 2nd quarter. Victory Capital Management Inc. now owns 385,387 shares of the oil and gas producer’s stock worth $24,291,000 after acquiring an additional 74,750 shares in the last quarter. Arizona State Retirement System grew its stake in Occidental Petroleum by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 192,743 shares of the oil and gas producer’s stock valued at $12,149,000 after acquiring an additional 3,865 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of Occidental Petroleum by 64.0% in the second quarter. Private Advisor Group LLC now owns 100,557 shares of the oil and gas producer’s stock worth $6,338,000 after purchasing an additional 39,230 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.